Dollar losses keep gold near 10-week high

(Reuters) - Spot gold stood at $683.05/683.65 a troy ounce at 1008 GMT compared with $682.90/$683.70 late in New York on Friday when it touched $686, the highest since May 9 and a gain of more than $20 since last Monday.




"All the indicators look positive, the weaker dollar against the euro and steady oil," said Robin Bhar, analyst at UBS.


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U.K. Stocks Rebound, Paced by Prudential, Resolution; Barclays Advances

(Bloomberg) -- U.K. stocks climbed, rebounding from
last week's decline, led by Friends Provident Plc after Resolution
Plc said its in ``advanced'' talks to merge with the insurer.

Prudential Plc and Legal & General Group Plc paced the gains
after UBS AG recommended investors buy the shares. Barclays Plc
rose after the bank increased its offer for ABN Amro Holding NV.


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U.S. activist fund builds stake in UBS: paper

(Reuters) - Speculation of a possible break-up at UBS has escalated in recent months following a proposed three-way carve-up of ABN AMRO by a group led by Royal Bank of Scotland .




The Sunday Times report said Chicago-based Harris Associates had built a stake representing about 1 percent of UBS over the past three months.


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Asian Stocks Rise for First Day in Four; BHP, JFE Holdings Gain on Metals

(Bloomberg) -- Asian stocks rose for the first time
in four days, led by BHP Billiton and Zijin Mining Group Co.,
after copper, gold and oil prices gained.

JFE Holdings Inc., Japan's second-biggest steelmaker, and
Posco climbed after UBS AG said slowing global production is
``supportive'' of prices. China, the world's biggest consumer of
steel, today reported its economy grew in the second quarter at
the fastest pace in 12 years.


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AmeriCredit prices $1.5 bln in asset-backeds

(Reuters) - Lead managers on the transaction are Barclays Capital,
Credit Suisse and Deutsche Bank Securities. The co-managers are
JPMorgan, Lehman Brothers, RBS Greenwich Capital and UBS
Investment Bank.




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European Bank Stocks Advance, Led By ABN Amro; Saipem, Technip Decline

(Bloomberg) -- European bank stocks rose, led by ABN
Amro Holding NV after Royal Bank of Scotland Group Plc sweetened
its 71.1 billion-euro ($98.1 billion) offer for the Dutch lender.

ABN Amro jumped the most in three months. Oil-services
companies paced declines in energy shares after UBS AG cut its
recommendations on Saipem SpA and Technip SA following their
``strong performance.'' BT Group Plc, the U.K.'s largest phone
company, and drugmaker GlaxoSmithKline Plc climbed after
brokerages lifted their recommendations on the shares.


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U.K. Stocks Gain, Led by Royal Bank of Scotland, Vodafone, Barclays

(Bloomberg) -- U.K. stocks advanced, led by
Vodafone Group Plc after UBS AG increased its price estimate for
shares of the world's largest mobile-phone company.

Royal Bank of Scotland Group Plc rose after a Dutch court
cleared ABN Amro Holding NV's sale of its LaSalle Bank. The
ruling is a setback for a Royal Bank of Scotland-led bid for the
Amsterdam-based bank in the world's biggest banking takeover.


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Palm Oil Little Changed in Malaysia Amid Speculation Supplies Set to Gain

(Bloomberg) -- Palm oil futures in Malaysia, the
benchmark for the commodity, were little changed near a five-
week high amid speculation the price may decline in the second
half of the year as supplies of the vegetable oil increase.

There's ``potential for weaker crude palm oil prices,''
analyst Andreas Bokkenheuser of PT UBS Securities Indonesia said
today from Jakarta. ``The majority of total-year production
occurs in the second half.''


Read more at Bloomberg Commodities News

Yum Brands 2nd-quarter earnings rise

(Reuters) - Wall Street analysts, on average, had expected earnings of
36 cents per share, according to Reuters Estimates.




Yum shares rose 4.9 percent on Wednesday to close at $34.41
on the New York Stock Exchange after UBS analyst David Palmer
upgraded his rating on the stock to "buy" from "neutral."


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UBS aiming for top five U.S. M&A ranking - report

(Reuters) - Alex Wilmot-Sitwell, the bank's other joint global head of
investment banking, noted UBS had not been involved in "jumbo
deals" like TXU Corp.'s $32 billion buyout by a private
equity group led by Kohlberg Kravis Roberts & Co. [KKR.UL].




"In order to change our positioning in this market ... we
have to bank the large clients," Wilmot-Sitwell told the
newspaper.


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Baht to Gain From Decade-High as Rate Cuts Spur Stock Demand, UBS Says

(Bloomberg) -- The Thai baht will extend its gains
from the highest in almost a decade as interest-rate cuts prompt
overseas investors to buy the nation's stocks, UBS AG said.

The currency, which traded at 33.20 per dollar at 10:57 a.m.
in Bangkok, will climb to 33 within a month, said Nizam Idris, a
Singapore-based strategist at UBS, the world's second-biggest
currency trading firm. The baht has gained 3.8 percent over the
past month, the best performance among 42 currencies in the
Asia-Pacific region.


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Israeli Bonds Rise for Fifth Day on Confidence That Shekel Will Strengthen

(Bloomberg) -- Israel's benchmark Shahar bond rose
for a fifth day as investors expressed confidence that the shekel
will strengthen against the dollar.

The Israeli currency reached a nine-year high against the
dollar in mid-May and has since slid 8 percent. It will probably
maintain its strength now or rise as the dollar weakens further
in international markets, UBS AG said.


Read more at Bloomberg Bonds News

North American Energy files for 14.8 mln share offer

(Reuters) - Credit Suisse, UBS Investment Bank, CIBC World Markets, and
Jefferies & Co. are underwriting the offering.




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FACTBOX-Asian investment banking fees hit H1 record

(Reuters) - The following is a ranking of the top 5 Asia Pacific
investment banks by revenue in the first half, according to
Dealogic, and a breakdown of revenue by type of deals.




H1
2006
BANK NET REVENUE PCT MKT SHR RANK
UBS $390 million 12.7 2
JPMorgan $196 million 6.4 3
Morgan Stanley $187 million 6.1 6
Goldman Sachs $171 million 5.6 1
Citigroup $167 million 5.4 5
NET REVENUE DEAL TYPE


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Harbinger steps up proxy fight for Ryerson

(Reuters) - The nominees stand for election at Ryerson's Aug. 23
meeting. Ryerson set the meeting date earlier this month after
Harbinger sued the company, saying that it had delayed its
meeting past the legal limit.




Ryerson earlier this year delayed its annual meeting and
hired UBS to look at strategic alternatives, including a
possible sale as it sought to fight off Harbinger.


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Investor morale eases in June on rising energy costs-UBS

(Reuters) - The Personal Dimension of the Index, which measures
optimism about investors' own personal investment portfolios,
decreased 8 points in June to 67 from 75 in May, UBS said.




"As the summer driving season gets started, investors are
clearly noticing the impact of higher gas prices on their
bottom line, which in turn affects sentiment about their
investments," Maury Harris, chief U.S. economist at UBS
Investment Bank, said in a statement.


Read more at Reuters.com Bonds News

Australian Stocks Drop for Second Day, Led by Caltex, Brambles Industries

(Bloomberg) -- Australian stocks fell for a second
day, led by Caltex Australia Ltd. after the company's first-half
profit forecast missed some analysts' expectations.

Brambles Industries NV slid after UBS AG cut its rating after
the company yesterday posted disappointing European sales.


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Goldman leads in record year for Gulf M&A-survey

(Reuters) - Citigroup Inc. , the largest U.S. bank, was second with
almost 27 percent followed by Lehman Brother Holdings Inc.
with just over 22 percent. UBS was the top
European bank on the list, in fourth place with 17.5 percent.




Foreign banks have been scrambling to cash in on a surge in
M&A spending by investors in the world's top oil exporting
region, who are scouring the globe to invest windfall revenues
from a tripling in international oil prices since 2001.


Read more at Reuters.com Mergers News

European Stocks Rise, Led by Axa, Financial Shares; BHP, ThyssenKrupp Gain

(Bloomberg) -- European stocks rose for the first
time in six days as renewed takeover speculation lifted mining
and steel companies.

BHP Billiton Ltd. led mining companies higher after UBS AG
said mergers and acquisitions in the industry ``will continue to
accelerate.'' ThyssenKrupp AG fueled a rally by steelmakers after
Interfax reported the world's biggest stainless steelmaker is
interested in acquisitions to expand. Axa SA, Rodamco Europe NV
and Deutsche Bank AG led gains by financial-related companies,
among the hardest hit in last week's sell-off.


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U.S. Stock Futures Fall Before Services Report; Bed Bath & Beyond Declines

(Bloomberg) -- U.S. stock-index futures fell after
Bed Bath & Beyond Inc. said first-quarter profit missed its
forecast and as investors awaited a service-industry report that
may reduce the chances of an interest-rate cut this year.

Bed Bath & Beyond tumbled after the largest U.S. home-
furnishings retailer said profit fell short of its April
prediction as home sales slumped. Juniper Networks Inc. dropped
after UBS AG downgraded the world's second-biggest maker of
equipment for directing Internet traffic.


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